Contrary to claims from both Republicans and Democrats, and despite raising nearly $1.1 billion in new taxes and fees for operations, the fiscal year 2020 budget is out of balance by between $574 million and $1.3 billion.
A $1 cigarette tax hike included in Gov. J.B. Pritzker’s infrastructure plan will make Illinois’ tax on cigarette packs among the highest in the nation.
Illinois Gov. J.B. Pritzker’s amendment would allow Illinois to impose an effective corporate income tax rate of up to 15.28% – the nation’s highest by far.
A new governor and Democratic supermajorities have retained the same chaotic budgeting process that has brought the state’s credit rating to near-junk status.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.